04-08-2025
Maryland finances most affordable housing in nearly a decade in FY2025
The Maryland Department of Housing financed the most affordable housing in nearly a decade in fiscal year 2025.
In FY2025, the department financed 3,997 newly constructed or substantially rehabilitated units, an increase of more than 1,000 units from FY2024's total of 2,949.
For FY2025, the state has financed $1.64 billion in new development projects and provided $1 billion in acquisition mortgages for first-time homebuyers.
The department has also continued to offer assistance to homebuyers through the Maryland Mortgage Program, which has provided mortgages to almost 4,300 Marylanders, amounting to more than $1 billion in FY2025.
The state has made many recent efforts to create affordable housing and revitalize neighborhoods.
In June, Maryland Gov. Wes Moore announced the UPLIFT program, an initiative with the goal of providing wealth-building homeownership opportunities in historically redlined communities.
The UPLIFT program aims to increase homeownership in disinvested neighborhoods, increase employment opportunities for Maryland workers and businesses from historically disadvantaged demographic groups, and revitalize disinvested neighborhoods.
In Dec. 2024, Moore announced a $50.8 million effort to create more affordable housing and rehabilitate vacant buildings in Baltimore City through the Baltimore Vacants Reinvestment Initiative.
The plan was committed to Maryland's fiscal year 2025 budget and will accelerate the funding to rehabilitate vacant properties and clear the way for affordable housing, new green space, and mixed-use developments.
The Baltimore Vacants Reinvestment Initiative is one of the Maryland Department of Housing and Community Development's seven State Revitalization Programs that provides funding to public, private, and nonprofit partners in Baltimore City, according to the governor's office.
Baltimore Mayor Brandon Scott has been adamant about his goal to tackle the city's vacant housing crisis and help residents gain homeownership.
In May, Scott announced that the city reached the $750,000 mark in grants awarded to first-time homebuyers as part of the Buy Back the Block program.
Last year, Scott signed a bill creating a special property tax increase on vacant homes.
In March of this year, Scott unveiled Bmore F.A.S.T. (Facilitating Approvals and Streamlining Timelines), a plan and $3 billion investment aimed at speeding up the development process in the city.
